Itaú Unibanco

Itaú Unibanco S.A.
	Headquarters in São Paulo
Company type	Sociedade Anônima
Traded as	B3: ITUB3, ITUB4; NYSE: ITUB
Industry	Financial services
Predecessor	Banco Itaú; Unibanco
Founded	4 November 2008;; 16 years ago
Headquarters	São Paulo, São Paulo, Brazil
Area served	Worldwide
Key people	Milton Maluhy Filho (CEO); Pedro Moreira Salles (Chairman); Giancarlo Moreira (CFO);
Products	Retail banking; corporate banking; investment banking; insurance; private banking; private equity; mortgage loans; credit cards; investment management; wealth management; asset management; mutual funds; exchange-traded funds; index funds;
Revenue	US$ 32.3 billion (2023)
Net income	US$ 7.5 billion (2023)
Total assets	US$ 526.0 billion (2023)
Number of employees	99,600 Brazil: 87,300; World: 12,300;
Parent	Itaúsa
Subsidiaries	Itaú CorpBanca; Itaú Paraguay; Itaú Uruguay; Rede; Hiper; Credicard
Website	www.itau.com.br
	Footnotes / references;

Banco Itaú Unibanco S.A. is a Brazilian financial services company headquartered in São Paulo, Brazil. Itaú Unibanco was formed through the merger of Banco Itaú and Unibanco in 2008. It is the largest banking institution in Brazil, as well as the largest in Latin America,^[2] and the seventy-third largest bank in the world. The bank is listed on the B3 in São Paulo and in NYSE in New York.

Itaú Unibanco has operations in Brazil, Chile, Colombia, Panama, Paraguay, United States and Uruguay in the Americas, as well as in Luxembourg, Portugal, Switzerland and the United Kingdom in Europe; China, Hong Kong, Japan and United Arab Emirates in Asia. It has over 33,000 service points globally, including 4,335 branches in Brazil and 55 million customers globally.

Itaúsa, a large Brazilian conglomerate ranking among Fortune magazine's top 500 corporations in the world, serves as the parent company. Outside Brazil, Itaú Unibanco has offices in Asunción, Buenos Aires, Cayman Islands, Dubai, Hong Kong, Lisbon, London, Luxembourg, Montevideo, Nassau, New York, Miami, Santiago, Shanghai, Tokyo, and Zürich.

In 2022, Itaú was considered the most valuable brand in Brazil.^[3]

History

In September 2006, Banco Itaú bought BankBoston's assets in Brazil, Chile, and Uruguay.

On November 4, 2008, Banco Itaú and Unibanco announced the merger that resulted in Banco Itaú Unibanco. The institution was born with R$575 billion in assets, a net equity of around R$51.7 billion and a portfolio of combined credit of R$225.3 billion. The new bank had 4,800 branches and service branches, representing 18% of Brazil's banking network, and 14.5 million account holders (18% of the market). In terms of credit volume, it represented 19% of the Brazilian system and in total deposits, funds and managed portfolios, 21% by 2008. In the insurance and pension plan market, the new group had a 17% and 24% share, respectively. The wholesale operations (corporate) totaled more than R$65 billion, serving more than 2,000 economic groups in Brazil. The private banking (wealth management) business had become the largest in Latin America, with approximately R$90 billion in assets under management.^[4]

On August 22, 2009, Banco Itaú Unibanco and insurance company Porto Seguro announced their alliance.^[5] The alliance combined residential and automobile insurance operations and included an operating agreement that provided exclusive access to offer homeowner and vehicle insurance products to clients of Banco Itaú Unibanco in Brazil and Uruguay.

In June 2013, the bank agreed to buy Citibank Uruguay's retail banking operations.^[6]

In 2014, Banco Itaú announced that it was merging with Chilean bank Corpbanca.^[7] As a result, Itaú bought Helm Bank, Corpbanca's operation in Colombia and Panama, and rebranded it under the Itaú name.^[8]